CIE is expected to lead the bidding for a development opportunity adjoining a key site it already owns at the rear of the Jervis Shopping Centre on Abbey Street in Dublin 1.
Cian McMorrow of Bannon is guiding €1.9 million for a rundown three-storey building standing on 0.12 of an acre (0.05 of a hectare) with 14m of frontage on to Abbey Street, close to the Jervis Luas stop.
The building, which is almost certain to be demolished, adjoins CIE’s vacant site of 0.75 of an acre. The combined properties extending to 0.87 of an acre, and would be ideal for a budget hotel, apartments or an office development.
The 0.12 of an acre going for sale at this stage has a mixed-use zoning in the current city development plan, and, according to Bannon, there are unlikely to be any changes relating to it in the new development plan due to be published next month. Dublin City Council granted planning permission in 2008 for a seven-storey mixed- use building over two basement levels but this planning has now expired.
McMorrow said the 0.12 of an acre site represents a good development opportunity in its own right but it was expected that many developers would also look at the opportunity to merge the site with the CIE property to create a substantial city centre redevelopment opportunity.
The site going for sale was originally owned by former developer Liam Carroll, whose company collapsed soon after the property market crashed.
